Nobody expected that! The Canadian MegumaGold (WKN A2JNEA / CSE NSAU) reported spectacular news last Friday after the close of trading. The “small” gold explorer secured further claims with a total area of 761 hectares directly at the Touqouy gold mine of St Barbara (WKN 851747)! MegumaGold now has a continuous land position linking the Touquoy West project properties to Meguma’s lands near the St Barbara Beaver Dam gold deposit!
Why is this such great news? Because MegumaGold now has access to the entire area that extends along and within the Moose River – Beaver Dam – Fifteen Mile Stream structural mineralization corridor, which St Barbara calls the “Moose River Corridor”. And both the St Barbara Touquoy gold mine deposit and the Beaver Dam gold deposit are within this corridor, which was critical to St Barbara’s decision to acquire the previous owner Atlantic Gold in the middle of this year for CAD 722 million!
The Company is now beginning to compile historical, geochemical and geophysical assay results for this area to estimate the potential for rapid development of drill targets.
Theo Van der Linde, President of MegumaGold, is delighted that the Company has been able to secure these lands as they became available. Their strategic location within or adjacent to the Moose River Corridor of St Barbara provides the Company with a new exploration opportunity just 4.2 kilometres northeast of the Touquoy Gold Mine.
Since MegumaGold acquired the first 62,985 hectare claims in late 2017, the company has expanded its land position by nearly 70% and now holds claims totaling 107,114 hectares. MegumaGold thus holds the largest land position for gold exploration at the under-explored Nova Scotia Gold Camp, where St Barbara is paving the way for 2019 at the Touquoy Mine with 93,000 ounces of gold production. St Barbara now has gold reserves of 1.877 million ounces on the consolidated Moose River project!